The timing chain will rattle upon startup when stretched. Once the oil pressure builds up, the tensioner takes out the slack and you shouldn't hear the rattle. If you do,it's a sign the chain/tensioner/guides/sprockets need replacing.
The only cases I've heard of timing chain failure is from tensioner failure or guide failure. I'm not sure about the guides in the 80, but in the 22r (4cylinder) hilux engines, toyota originally used a double timing chain with steel guides. Then they went to a single chain w/ steel guides, then to plastic guides. I've heard cases on the 4runner forums of the plastic guides failing, jamming the tensioner and causing the chain to fail, but one can get aftermarket steel guides for the 22r. You should be able to get 250K or so miles off the timing chain before replacement, but replacing it is a bigger job and there are more parts (guides, sprockets, tensioner, etc.) and more labor costs. One toyota tech told me the only time he's seen t-chain failure is from the tensioner failing from sludge.
Pricewise, it's about a wash. You have to do the t-belt twice as often, but it's less cost (dealer charges $1300 for the t-chain job [10 hrs labor @ $75/hr by the book+parts, but with shortcuts, it can be done in 4 hrs by a seasoned mechanic]; t-belt job is probably more like $700 or less?). The main advantage is the chain will start to rattle long before it fails, so you get some warning (how much, who knows?) One guy on the 4runner forum had that warning and tried to squeeze another month of driving out of it. During that month, it failed, chain sawed through the coolant lines in the head.